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The Swiss Stock Market Extended Its Gains On Fiscal Cliff Optimism

12/19/2012 12:35 PM ET

The Swiss stock market added to its gains from the previous session on Wednesday. The stronger than expected German Ifo business confidence data provided a boost to investor sentiment. Meanwhile, rating agency S & P raised the credit rating of Greece by a whopping six levels.

Investors remain optimistic that a deal to avoid the fiscal cliff can be reached before the end of the year, as negotiations continue between Democrats and Republicans. The positive mood of the session was somewhat dampened by the weaker than anticipated U.S. housing start data.

The Swiss Market Index climbed by 0.49 percent Wednesday and finished at 6,946.07. The Swiss Leader Index gained 0.57 percent and the Swiss Performance Index added 0.48 percent.

Shares of banking giant UBS were in focus after the company agreed to pay nearly 1.4 billion Swiss Francs in fines and disgorgement to settle a multi-regulator probe over allegations that it tried to manipulated yen Libor and euro yen contracts. UBS finished down by 0.3 percent.

Credit Suisse ended the session with a gain of 0.6 percent, while Julius Baer added 1.7 percent. Swiss Re climbed by 1.6 percent and Zurich Insurance increased by 1.9 percent.

by RTT Staff Writer

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